Business Irish

Friday 19 September 2014

Irish stocks buck European trend

Published 13/08/2014 | 02:30

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The Irish Stock Exchange logo is displayed at the entrance to the headquarters in Dublin
The Irish Stock Exchange logo is displayed at the entrance to the headquarters in Dublin

IRISH shares rose yesterday, bucking the trend in Europe as most of the major European stocks fell.

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By the close in Dublin, the ISEQ Overall Index rose 0.21pc or 9.75 points to end the trading day at 4598.01.

Most European stocks fell, following their biggest rally since April.

The leaders in Dublin included Hibernia Reit, which closed up 0.5pc to €1.06 as it announced that it had entered into its first corporate debt facility. The property investment fund has entered into a three-year €100m revolving credit facility with Bank of Ireland.

Insulation group Kingspan rose 1.5pc to €12.46.

On the other side of the board, the laggards included bookmaker Paddy Power, which fell 0.9pc to €52.01, and insurance group FBD, which closed down 1.2pc to €13.50.

Elsewhere, the Stoxx Europe 600 Index slipped 0.2pc in London. The equity benchmark fell 2.1pc last week amid crises in Iraq, Ukraine and the Gaza Strip. The measure rallied 1.4pc on Monday after a report that Russian war planes had finished military exercises near Ukraine.

Russia yesterday reportedly sent 280 trucks toward southeast Ukraine to deliver humanitarian aid including food, medicine and drinking water.

National benchmark indexes retreated in 11 of 18 western European markets. The UK's FTSE 100 Index lost less than 0.1pc, France's CAC 40 slid 0.8pc, and Germany's DAX dropped 1.2pc.

"Now the market is watching the news on the humanitarian aid to see if this is something of a Trojan horse as some people out of Kiev might suspect, or if the Russian intention is really to help the citizens," said Guillermo Hernandez Sampere of MPPM in Germany. "It is always quite difficult to judge."

Henkel lost 5.2pc after warning that earnings growth will slow amid conflicts in Ukraine and the Middle East. Hargreaves Lansdown retreated 3pc after UBS recommended selling the shares.

Irish Independent

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